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Remittances From Belgium and Luxembourg Surge 270%


ISLAMABAD– Ambassador of Pakistan to Belgium, Luxembourg, and the European Union, Zaheer A. Janjua Thursday said that during first 10 months of the current financial year 2020-21 (July-April), remittances from Belgium and Luxembourg have increased by 270 percent.

Addressing a webinar on “Roshan Digital Account” (RDA) Sharia compliant investment and financing opportunities, the ambassador said the remittances rose from US $54.8 million to the US $202.6 million during the corresponding period of the previous financial year.

The webinar was organized by the Embassy of Pakistan, Brussels in collaboration with the State Bank of Pakistan (SBP) and Meezan Bank Limited.

Besides the ambassador, the webinar was addressed by Founding President and CEO Meezan Bank, Irfan Siddiqui, and SBP Managing Director Syed Irfan Ali.

Ambassador Janjua termed RDA as innovative initiative of the government, which has facilitated Pakistani diaspora in sending money to their loved ones in Pakistan and eased digital payment system by providing full range of banking services.

He thanked the diaspora for the record increase in the flow of remittances and hoped that this trend would continue in the future.

The ambassador underscored that the trend was a sign of confidence and trust of the overseas Pakistanis in the economic policies of the government.

The Founding President and CEO of Meezan Bank, Irfan Siddiqui, spoke about the wide range of benefits for the subscribers under this initiative. The Managing Director SBP, Syed Irfan Ali also made a detailed presentation on key features and benefits of the RDA.

The virtual interaction was attended by a cross-section of Pakistani diaspora based in Belgium and Luxemburg, including bankers, financial experts, business persons, students, academia, and media.

The participants actively participated in the discussion, asked questions about the scheme, and appreciated the initiative.

Prime Minister Imran Khan had inaugurated the Roshan Digital Account scheme, in September 2020 to provide innovative banking solutions to millions of non-resident Pakistanis. More than US$ 1 billion have been remitted to Pakistan, since the launch of this facility last September.